Netflix share price jumps two per cent after share split approved by board June 23, 2015 Netflix’s shares have risen two per cent in after-hour trading after its board approved a stock split. The split will take the form of a a stock dividend, giving an extra six shares of common stock for each single outstanding common stock share. Netflix said it would begin trading at the post-split price on 15 [...]
Standard and Poor’s upgrades British Airways’s outlook despite uncertainty over parent company IAG’s bid for Aer Lingus June 23, 2015 Standard and Poors (S&P) has upgraded British Airways’s (BA) outlook to positive from stable. The ratings agency changed BA’s rating to BB after assessing the company’s finances. S&P said: profitability was materially above our expectations in 2014 and we expect it to remain strong for 2015-2016. It did emphasise, however, that BA’s rating was constrained [...]
Co-operative Bank warns on regulatory action from FRC and PRA June 23, 2015 The Co-operative Bank warned today that UK regulators are likely to "make findings against" following an 18-month investigation. Read more: Co-op Bank says it is on track to meet Bank of England targets The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have indicated they are likely to "commence formal settlement discussions" in [...]
Afren’s share price has mysteriously shot up 82 per cent June 23, 2015 Shares in embattled oil producer Afren closed up 59.33 per cent to 2.39p per share today – however nobody knows why. Earlier today pundits had taken to Twitter in a guessing game after the oil producer's share price mysteriously shot up as much as 90 per cent to 2.78p per share. The jump is particularly surprising [...]
Regulators FCA and PRA clawback ruling welcomed as “step forward” in ending “rewards for failures” June 23, 2015 The decision to extend clawback rules around bankers' bonuses has been heralded as a way of ending "rewards for failures" – but some have said it could go even further. Regulators FCA and PRA are extending the amount of time bonuses can be clawed back from senior managers from seven to 10 years, while [...]
RBS AGM: Lender did not anticipate £10bn of penalties, says Sir Philip Hampton June 23, 2015 RBS’ outgoing chairman said today that the bank did “not anticipate” the £10bn of fines it’s been handed in recent years. At the bank’s annual general meeting today, Sir Philip Hampton, who is due to bow out as its chairman, said the regulatory fines, litigation charges and customer redress were completely unexpected. “The [...]
Neil Woodford’s Patient Capital investment trust slapped with a “sell” rating by broker Stifel June 23, 2015 Neil Woodford's Patient Capital Trust has been slapped with a "sell" rating by broker Stifel Funds, which warned its share price has leapt ahead of its net asset value (NAV), or the trust's underlying value. Stifel analyst Iain Scouller said the trust's share price had jumped by 16 per cent since May, but just 4.3 per [...]
Tesco shareholders encouraged to revolt at AGM over Dave Lewis’ pay, Philip Clarke’s golden goodbye and John Allan’s appointment as chairman June 23, 2015 Tesco shareholders are being encouraged to stage a revolt at the supermarket's AGM on Friday, with investor group Pirc advising they vote against key resolutions. Chief executive Dave Lewis' pay could come under particular scrutiny if Pensions and Investment Research Consultants – one of the largest investor groups in the UK – gets its [...]
Clawback extended to 10 years as UK regulators Prudential Regulation Authority and Financial Conduct Authority mull negative bonuses June 23, 2015 Bonuses could be clawed back for as long as a decade under new rules published by City regulators today. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) confirmed they were pushing ahead with rules for a wider seven-year claw-back period but that an added three years is being considered for senior managers. [...]
Eurozone business growth accelerates to a four-year high in June June 23, 2015 Eurozone business growth accelerated to a four-year high in June, as factories and services firms reported stronger growth and hiring. The Markit Composite Flash Purchasing Managers' Index (PMI) rose to 54.1 in June, up from 53.6 a month earlier, and in line with economists' expectations. PMI has now been above the crucial 50 threshold that separates [...]